New Stores Help Lowe’s Boost Net Income 27%
Lowe’s Cos., the world’s No. 2 home improvement retailer, said fourth-quarter profit rose 27% as the company opened a record number of stores.
Net income increased to $508 million, or 64 cents a share, from $401 million, or 49 cents, a year earlier. Sales climbed 18% to $8.55 billion, the Mooresville, N.C.-based company said.
Earnings were 5 cents a share more than the 59-cent average estimate of analysts polled by Thomson First Call.
Lowe’s, which operates about 1,100 stores in 48 states, added 56 locations in markets including Atlanta.
The company’s shares rose 37 cents to $57.90 on the New York Stock Exchange.
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